AWE: Tui 3H Completion Underway

AWE Ltd. said that at 6 a.m. Tuesday, the Tui-3H well offshore New Zealand was running production tubing as part of the completion operations.

During the past week, the well was drilled to total measured depth of 5,384 meters, with the last 1,267 meters being near horizontal following close to the top of oil bearing reservoir. The last 1,173 meters were drilled within an oil column of 6-13 meters within the range of expectations.

Drilling progress for the week was 204 meters and a production liner was successfully set in the horizontal section. Following the completion operations, the Tui-3H well will be suspended and the rig will be moved to the Amokura-2H well.

The Tui Area Development is located within PMP 38158, in the Taranaki basin, approximately 50 kilometers offshore of the west coast of the North Island of New Zealand. First oil is expected from the development by June 30, 2007, and when fully commissioned, a production rate peaking at 50,000 bopd is anticipated.

Participants in PMP 38158 are:

--AWE * (Operator) 42.5%
--Mitsui E & P New Zealand Limited 35.0%
--Stewart Petroleum Company Ltd ("New Zealand Oil & Gas") 12.5%
--WM Petroleum Ltd ("Pan Pacific Petroleum NL") 10.0%
* New Zealand Overseas Petroleum Pty Ltd (22.5%)
AWE New Zealand Pty Limited (20.0%)

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